You can as long as your swapping it out with an acer Vbios video card.. thats exactly the same as the one it came with.
You cannot upgrade it due to the fact that A. Acers are very cheap Laptops.
B. Since acer only puts in the required heatsink, any card with a higher TDP would simply burn itself up
I5 3570K@4~5.0ghz: Gigabyte GA-Z77X-UD3H:Corsair Hydro H110 :16GB Corsair Vengeance DDR-3 1600: XFX Radeon 7950 @ 1100/1575 : Corsair AX 860 PSU: x1 WD Black 1TB HDD's: 90GB Agility 3: 960GB SSD : Creative Labs X-FI:Corsair 500R Arctic White Edition:3 22inch Monitors Eyefinity @ 5294x 1050 : Alienware Tact-X Keyboard: Razer Naga :Corsair Vengence 1500 Headset: Corsair SP2500 Speakers